>>> Up
*Ashtead Raised to Buy at HSBC
*CYBG Raised to Hold at Jefferies, PT 254p
*GN Raised to Reduce at AlphaValue
*Heidelberger Druck Raised to Add at AlphaValue
*Ladbrokes Coral Raised to Hold at HSBC
>>> Down
*Indra Cut to Reduce at AlphaValue
*Innogy Cut to Underweight at Barclays, PT EU33
*Paddy Power Cut to Reduce at HSBC
*Saipem Cut to Reduce at AlphaValue
*TalkTalk Cut to Sell at Berenberg
*Terna Cut to Equal-weight at Barclays, PT EU5.10
>>> Initiation
*Coloplast New Neutral at Citi, PT DKK559
*ConvaTec New Neutral at Citi, PT 352p
*Gas Natural New Equal-weight at Barclays, PT EU22.50
*Iberdrola New Equal-weight at Barclays, PT EU7.35
*Smith & Nephew New Sell at Citi, PT 1,160p
>>> Call
>> Sector
*EUROPEAN TRAVEL SECTOR RAISED TO NEUTRAL AT CITI
*EUROPEAN HEALTH CARE SECTOR CUT TO UNDERWEIGHT AT CITI
*EUROPEAN OIL & GAS SECTOR CUT TO NEUTRAL AT CITI